@b-eichengreen.bsky.social argues that, as with Margaret Thatcher's 1982 war against Argentina, US trade policy under Donald Trump is based on overwhelming force.
Is tihs not the best kind of good news? It means whomever Trump appoints at the next Fed chair, other FOMC members will have precedents for their dissents.
New paper: "Central Bank Independence and Risk Taking at the Zero Lower Bound" (with Bartels, Schumacher and Weder di Mauro): www.ecb.europa.eu/pub/pdf/scpw...
